ICE MAKE REFRIGERATION LIMITEDINVESTOR PRESENTATION

MAY 2018

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ICE MAKE REFRIGERATION LIMITED - AT A GLANCE

AMONGST INDIA’S LEADING MANUFACTURERS OF REFRIGERATION EQUIPMENT

DRIVEN BY STRONG VISION AND MISSION

ACCOMPLISHMENTS OVER THE YEARS…

BUSINESS VERTICALS

SUPPORTED BY STATE-OF-THE-ART MANUFACTURING FACILITIES…

… DRIVEN BY COMPETITIVE SUPPORTING STRENGTHS

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CATERING TO MARQUEE CLIENTELE

PROMOTERS & BOARD OF DIRECTORS

AWARDS AND CERTIFICATIONS

STANDALONE FINANCIAL FIGURES

OPPORTUNITIES AND PRIORITIES

INDEX

CONSOLIDATED FINANCIAL FIGURES

INDUSTRY OVERVIEW

3ICE MAKE REFRIGERATION LIMITED - AT A GLANCE

2MANUFACTURING FACILITIES AT

GUJARAT AND TAMIL NADU

25 + YearsPROMOTER’S

EXPERIENCE IN THE COLD CHAIN INDUSTRY

1993YEAR OF INCEPTION

447EMPLOYEES

AS ON MARCH 31, 2018

25 +PRODUCT BASKET

MARKET CAP.AS ON MARCH 31, 2018

₹ 13.01crores

EBIDTA IN 2017-1812.80

% YoY GROWTH

₹ 101.68crores

REVENUES IN 2017-18 15.70

% YoY GROWTH

ICEMAKENSE SYMBOL

₹ 141.34crores

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Engaged in the business of providing highly customized cooling solutions and accessories

Four Business verticals – Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration

Serves industries like dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chain, logistics, hospitals, hospitality and

retail among others

Caters to domestic as well export requirements across 22 countries

AMONGST INDIA’S LEADING MANUFACTURERS OF REFRIGERATION EQUIPMENT

Dairy Ice-cream Food processing

Agriculture Pharmaceuticals

Cold chain Logistics Hospitals Hospitality Retail

5DRIVEN BY STRONG VISION AND MISSION

MISSION

Dedicatedly produce high quality end-to-end customized cooling

solutions for divers set of customers across the industries

Consistently exceed customers’ expectations through quality

on-time delivery and after sales services

Remain agile & adaptable to change and challenges

Achieve sustainable business growth by value creation through hard

work

Maintained trust and respect of the clients and stakeholdersVISIONCreate Ice Make Brand as an

Industry leader in offering total

cold chain and food processing

solution with energy saving & eco-

friendly products and excellent

after sales service.

6ACCOMPLISHMENTS OVER THE YEARS…

1993Established as a proprietorship firm under the names of Ice Make Refrigeration and Hi Make Engineers (later modified to Colpan Poly Panel Industries)

2009Incorporated as a Private Limited Company which took over the running business of M/s Ice Make Refrigeration and M/s Colpan Poly Panel Industries.Certified with ISO 9001:2008 for the Management Systems

2013Certified with BS OHSAS 18001:2007 by Bureau VeritasCertification for the Management Systems

2014Awarded Best Medium Enterprise (Manufacturing) Award by CanaraBank, Skoch Achiever Award – 2014 by SkochCertified with ISO 14001:2014 for the order of company’s merit management system

2016Acquired Bharat RefrigerationsPrivate LimitedUpgraded Management system certification to ISO 9001:2015

2017Achieved CRISIL MSE*1 ratings by CRISILConversion into Public Limited CompanyListing of equity shares on NSE Emerge

2011Awarded Indian Leadership Award for Industrial Development by All India Achievers Foundation

2015Changed the name from “Ic Ice Make Refrigeration Private Limited” to “Ice Make Refrigeration Private Limited”

2018Improved credit ratings to Care BBB + (Care Triple B Plus)Launched solar cold rooms targeted for the agriculture sectorEntered into Ammonia Refrigeration segment

It all started three decades ago from a small business, who manufactures refrigeration equipments. Now Ice Make Refrigeration Limited has became leading player in refrigeration industry. Today we are most trusted manufacturer providing cooling solution to a diversified set of customers in India

7BUSINESS VERTICALS

COLD ROOM

INDUSTRIAL REFRIGERATION TRANSPORT REFRIGERATION

COMMERCIAL REFRIGERATION

8BUSINESS VERTICALS

Year of commencement: 1993Products: Ice cream plant, pasteurizer, ageing vat, bulk milk chiller, ice candy production machine, ice cream hardener, chest cooler/freezer, vertical cooler, under counter refrigeration and mortuary chamber Edge: Utilize less space for installation and stores all perishable foods at desired temperature, widely used in retail shops and kitchen restaurant along with digital temperature controller.

COMMERCIAL REFRIGERATION

Dairy Ice-cream Food processing

Agriculture Pharmaceuticals

Cold chain Logistics Hospitals Hospitality Retail

Year of commencement: 2002Products: Cold room storage, glass door display chillers, refrigeration systems, incubation chambers, ripening chambers, pre-cooling chambers, blast freezers/chillersEdge: Capability to produce thickness of 60 mm to 150 mm as per the customer needs, reduce the deterioration of products during the freezing process, maintains food quality including flavour, texture, colour, aroma and nutrientsStorage with temperature range of + 15° C to - 40° C

COLD ROOM

End users

64.90 %CONTRIBUTION TO STANDALONE

REVENUES IN 2017-18.

Dairy Ice-cream Food processing

Agriculture Pharmaceuticals

Cold chain Logistics Hospitals Hospitality Retail

End users

15.19 %CONTRIBUTION TO STANDALONE

REVENUES IN 2017-18.

9BUSINESS VERTICALS

Year of commencement: 2003Products: Water chilling plant, brine chilling plant, ice building tankEdge: Ice water intensively cools the product without any risk and less power loadStorage capacity of ice building tanks ranges from 500 litres to 28000 litres and 1,00,000 litres ice formation per dayCooling capacity of water chilling plants ranges from 5 TR to 200 TR

INDUSTRIAL REFRIGERATION

Dairy Process Industry

Plastic process

Mineral water applications

Beverages

Year of commencement: 2012Products: Refrigerated vehicle/Reefer Vans, Eutectic Mobile Container, Bunk HouseEdge: Low weight, high strength with solid insulationStorage with temperature range of + 12° C to - 25° C

TRANSPORT REFRIGERATION

End users

9.39 %CONTRIBUTION TO STANDALONE

REVENUES IN 2017-18.

Dairy Ice-cream Food processing

Agriculture Pharmaceuticals

Cold chain Hospitals Hospitality Retail

End users

10.52 %CONTRIBUTION TO STANDALONE

REVENUES IN 2017-18.

Chemical Pharmaceuticals

10SUPPORTED BY STATE-OF-THE-ART MANUFACTURING FACILITIES…

Vertical/Product Line Units Installed Capacity

Cold roomSquare

Meters5,00,000

Refrigeration System Numbers 5,000

Cold room door Numbers 7,500

Mobile Refrigeration Van Numbers 1,000

Chiller, Ice building Tank Numbers 1,200

Deep Freezer & Other Machines Numbers 10,000

Plant 1: Gandhinagar, Gujarat, India

Product Line Units Installed Capacity

Cold roomSquare

Meters50,000

Mobile Refrigeration Van Numbers 55

Bulk Milk chiller system Numbers 70

Hose Chiller Numbers 10

Ice candy Machine Numbers 50

Plant 2: Chennai, Tamil Nadu, India

2,45,000 sq feet

LAND AREAS AT DANTALI

20,000 sq feet

LAND AREAS AT CHENNAI

11… DRIVEN BY COMPETITIVE SUPPORTING STRENGTHS

Equipped with latest & advanced technology that leads to cost-efficiency and

competitive pricing

Consistent delivery of quality products to meet the standards of domestic and

international customers

Strong marketing and distribution network

Efficient after sales services

Team of skilled technical engineers with requisite technical know-how

MANUFACTURING PLANTS

Plant 1Gandhinagar, Gujarat

Plant 2Chennai, Tamil Nadu

BRANCH OFFICE

Delhi, Jaipur, Suratand Mumbai

DEALERS & ASSOCIATES

Jammu, Bikaner, Jodhpur, Pune, Kolhapur, Goa, Hubli, Cochin, Trivandrum, Puducherry, Guwahati, Cuttack, Nagpur

COMPANY REPRESENTATIVES

Lucknow, Rajkot, Vadodara, Udaipur, Indore, Patna, Kolkata, Raipur, Hyderabad, Bengaluru

Head Office

Manufacturing Plant I & II

Branch Office

Dealers & Associates

Company RepresentativeNote: map not to scale

12… DRIVEN BY COMPETITIVE SUPPORTING STRENGTHS

GLOBAL FOOTPRINTS

U.S.A, Uganda, Nepal, Bhutan, Japan, Kenya, Bangladesh, Algeria, Nigeria, Libya, Sri Lanka, Tanzania, Zambia, Sierra Leone, U.A.E, Bahrain, Congo, Seychelles, Maldives, Madagascar, Mauritius, Afghanistan Note: map not to scale

13CATERING TO MARQUEE CLIENTELE

Amul Coca Cola Hindustan Unilever Subway Kohler Indian Railway Himalayan Food Park

Indian Red Cross Society

Arvind Future Retail HLL LifecareLimited

SikkimCo-operative Milk

Producers Union Ltd

ISRO

Aditya Birla Chemicals

Vadilal Monginis Intas Kitchen Express KMSCLSudha

Havmor

Cambay

Sanchi Thirumala Nando’s Paras MilmaMOL

14PROMOTERS & BOARD OF DIRECTORS

Mr. Chandrakant P. PatelChairman & Managing DirectorAge: 50 years

Co-founder and Promoter Director Over 25 years work experience in refrigeration industry businessHeads the business strategy, research and development and the enterprise operation divisions of the Company

Mr. Rajendra P. PatelJoint Managing DirectorAge: 47 years

Co-founder and Promoter Director Over 20 years of work experience in refrigeration industry businessHeads the cold room storage, refrigerated container and quality control division of the Company

Mr. Vipul I. PatelJoint Managing DirectorAge: 42 years

Co-founder and Promoter Director Over 20 years of experience in refrigeration industry businessHeads the purchase, accounting and IT Departments of the Company

15PROMOTERS & BOARD OF DIRECTORS

Dr. Hasmukh B. PatelIndependent Director Age: 58 years

Qualified Chartered AccountantOver 31 years of rich and valuable experience in different facets of financial operations and top executive management including professional practiceReceived ICWAI First National Award for ‘Excellence in Cost Management -2010’

Mr. Krishnakant L. PatelIndependent Director Age: 58 years

Over 10 years of experience for successfully running the business in India and in real estate industryCurrently, a director in Cerebros Neurosciences Private Limited and partner in Suryam Realty and SM Developers

Mr. Harshadrai P. PandyaIndependent Director Age: 66 years

Over 42 years of experience in ammonia, fertilizer and petrochemical plantsWorks as a free-lancing consultant in technology, energy conservation and HR Practices

Engineer / Technical

Ms. Darsha R. KikaniIndependent Director Age: 60 years

Holds professional qualification of Company Secretary from Institute of Company Secretaries of India, MBA from Gujarat University and MBA (PGPX) from IIM, AhmedabadOver 27 years of work experience with various client companies in different industrial segments

Chartered AccountantCompany Secretary

Businessman

16AWARDS AND CERTIFICATIONS

CE Certification

DSIR Approved ISO 9001:2015& BS OHSAS 8001:2007

ISO 14001:2015

NSIC-CRISIL MSE *1 Rating

AWARDSIndian Leadership Award for Industrial Development in 2011.Best Medium Enterprise (Manufacturing) & Skoch Award in 2014.Best SME100 Award for FY 2015-16.

CERTIFICATIONS

India SME Award

17STANDALONE FINANCIAL

3,925.935,061.84

7,182.078,788.28

10,167.84

2013-14 2014-15 2015-16 2016-17 2017-18

Revenues(₹ lakhs)

332.50431.66

707.20

1,026.99

1,301.07

2013-14 2014-15 2015-16 2016-17 2017-18

EBIDTA(₹ lakhs)

88.94 107.37

261.24

501.79

663.32

2013-14 2014-15 2015-16 2016-17 2017-18

PAT(₹ lakhs)

8.47 8.539.85

11.6912.80

2013-14 2014-15 2015-16 2016-17 2017-18

EBIDTA Margin(%)

18STANDALONE FINANCIAL

2.27 2.12

3.64

5.716.52

2013-14 2014-15 2015-16 2016-17 2017-18

PAT Margin(%)

20.78 21.05

33.6240.82

25.76

2013-14 2014-15 2015-16 2016-17 2017-18

ROCE(%)

12.91 13.49

24.71

32.18

14.87

2013-14 2014-15 2015-16 2016-17 2017-18

ROE(%)

0.74 0.75

0.56

0.36

0.002

2013-14 2014-15 2015-16 2016-17 2017-18

Debt to Equity(X)

19STANDALONE FINANCIAL FIGURES

Particulars 2017-18 2016-17 2015-16 2014-15 2013-14

Total Revenue 10,167.84 8,788.28 7,182.07 5,061.84 3,925.93

EBITDA 1,301.07 1,026.99 707.20 431.66 332.50

EBIDTA Margin (%) 12.80 11.69 9.85 8.53 8.47

PAT 663.32 501.79 261.24 107.37 88.94

PAT Margin (%) 6.52 5.71 3.64 2.12 2.27

Net Worth 4,461.21 1,559.13 1,057.34 796.10 688.73

Long Term Debt 10.24 563.30 593.03 593.83 510.85

Cash and Cash Equivalents 1,629.13 741.45 424.77 499.43 218.82

(₹ lakhs)

The board recommended final dividend of ₹ 1.00 per equity share of face value of ₹ 10 each.

20CONSOLIDATED FINANCIALS FIGURES

Particulars 2017-18 2016-17

Total Revenue 10,326.24 8,823.57

EBITDA 1,319.63 1,031.30

EBIDTA Margin (%) 12.78% 11.69%

EBIT 1,153.65 867.13

PAT 663.46 500.01

PAT Margin (%) 6.43% 5.67%

Net Worth 4,459.56 1,557.35

Long Term Debt 232.40 563.30

Cash and Cash Equivalents 1,724.26 761.77

(₹ lakhs)

21INDUSTRY OVERVIEW

Where commodities such as fruits and vegetables, pharmaceuticals, frozen products and potatoes, can be stored togetherOver the next five years, multipurpose cold storages will gradually gain volume share over single-commodity (potato) cold storages on faster growth in the production of fruits, vegetables and dairy productsOrganized players (which constitutes sub-10% of the overall cold-storage market) to witness faster volume growth than the unorganized players. It is estimated the share of multipurpose cold storages to increase from ~30% in 2016-17 to 35-40% in 2021-22

Refrigeration products can be broadly classified into four categories

One or multiple types of these systems are deployed for temperature controlled handling and logistics. It is estimated that a 14-16% CAGR for Indian cold chain market over FY 2017-2022, which would be a key driver for growth of refrigeration products in India

Multi Commodity Cold Storages in India

Key commodities stored in organized multipurpose cold storages

Commercial

Refrigeration

Systems

Cold Rooms and

Storage Products

Industrial

Refrigeration

Systems

Transport

Refrigeration

Systems

Key industries where refrigeration products are deployed

Dairy HorticultureHospitality

PharmaMedicare Frozen Products

15-20%

15-20%

35-40%

3-5%

10-20%Dairy Products

Agro Products

Frozen Products

Pharma

Others

Source: CRISIL Report, CRISIL Research

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TCW play an important role in reducing post-harvest losses. Storage of products at controlled temperature, helps reducing wastages and spoilages. Apart from preserving the quality of the product, cold storages are key to minimizing fluctuation in pricesTCW account for 90% of the overall cold-chain industry and are projected to grow at a compound annual growth rate (CAGR) of 14-16% over the next five years, driven by proliferation of quick-service restaurants (QSR), organised retail and rising demand for processed foodsTCW segment's revenue will be led by multipurpose cold storage and its share in the total revenue is pegged to rise from 77-79% in 2016-17 to 84-86% by 2020-21

Temperature Controlled Warehouses (TCW)

TCV are equipped with active refrigeration for temperature controlled carriage of perishable products.

Broadly classified into primary haul vehicles and secondary haul vehicles

About 60-65 per cent of the refrigerated transport vehicles are deployed for secondary transportation.

Number of refrigerated transport (reefer) vehicles is currently estimated at about 15,000 units. A National Centre for Cold-chain Development (NCCD) study, which was released in September 2015, has indicated a requirement of 62,000 reefer vehicles.Volumes of TCV are expected to grow at a CAGR of 6-7% from 2016-17 to 2021-22 driven primarily by pharmaceuticals and frozen products which is largely for export markets as well as QSR in domestic markets.

Temperature Controlled Vehicles (TCV)

130.00

231.00 264.00

481.00

2011-12E 2016-17E 2017-18P 2021-22P

E: Estimated P: Projected

₹ billion

Source: CRISIL Report, CRISIL Research

INDUSTRY OVERVIEW

23OPPORTUNITIES AND PRIORITIES

Shortage of cold storage facilities in IndiaRise in Retail market in India Increase in Disposable incomeRise in production of Horticulture product

INDUSTRY POTENTIAL

3,00,643

3,05,426

2016-17 2017-18 E

Rise in production of horticulture product

(Source: Department of Agriculture Cooperation & Farmer welfare)

Production(‘000 MT)

Backward integration - At Dantali to improve production efficienciesUp-gradation -Upgrading the existing facilities at Gujarat and ChennaiExpansion - Continuously expanding product portfolio, expanding the customer base with in India, presence in North East and improvement in after sales servicesFocus on export, economies of scale, long term customer relationship and optimisation of energy conservationProduct marketing, Brand building, promotion, communication and relationship with shareholder

KEY STRATEGIES

Opportunities in Agriculture sector

The Company has launched the energy efficient and eco-friendly solar cold room with the space of 4-5 metric ton targeting rural farmers during the year. Solar cold room is use for retaining quality freshness, shelf-life and reduction in perishable farm products. This leads to 30%-40% increase in farmer income.

Solar Power Cold Room

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Ice Make Refrigeration Limited. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

SAFE HARBOUR

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THANK YOU

226, Dantali Industrial Estate,

On Gota-Vadasar Road,

Near Ahmedabad City,

At: Dantali, Ta: Kalol,

Dist.: Gandhinagar - 382721,

Gujarat State, India

CIN: L29220GJ2009PLC056482

Website: www.icemakeindia.com

Phone: +91-9879107881 (Ext:- 214/221)

Email: investor@icemakeindia.com

cs@icemakeindia.com

info@icemakeindia.com

PLANT AND CORPORATE OFFICE

ICE MAKE REFRIGERATION LIMITED